Cryptocurrency exchange development is gaining a massive popularity surge in recent times. As customers shift their focus from fiat currencies to decentralized assets, more companies strive to offer the best cryptocurrency exchange.
As several cryptocurrency exchanges and technologies are available, sometimes it becomes overwhelming to pick the correct elements. Business owners need to consider certain vital aspects while building their cryptocurrency exchange to gain a market edge.
To help you with cryptocurrency development, we have gathered essential elements that you need to consider for higher usability, efficiency, and future scalability. Whether you plan to launch your cryptocurrency exchange or you're already into it, focus on simplifying these things to gain the edge.
When you offer these features to your customers, the overall user experience improves, and they also help you boost the customer retention rate. On this note, let's explore essential aspects of cryptocurrency exchange that you need to have on your platform.
Intuitive user interface
While developing the most advanced cryptocurrency exchange, most businesses overlook the importance of having an excellent user interface. Be it any web portal; good UX always makes it easier for individuals to use the platform. It's essential to keep in mind that you're building your platform for beginners and experienced individuals.
So, it would help if you kept the cryptocurrency exchange as clutter-free as possible, along with covering all the advanced trading features. Developers need to ensure traders can easily navigate across the platform and find functionalities that they need seamlessly. With more people now preferring to trade on the go, you also need to ensure the platform is optimized for mobile devices. We at Seven Bits carefully draft seamless UX designs to gain the maximum traction from the audience by offering them simplicity.
User management module
For operating the cryptocurrency exchange efficiently, you need to have a dedicated dashboard for managing the users and exchange. Whether it's KYC, AML management, customer management, or optimizing the business applications, you can easily manage everything with a dedicated dashboard.
On the other hand, you need to design the cryptocurrency dashboard for users with higher flexibility. If the customers need to update their basic details or want to modify something in their profile, they should be able to perform that. It's important because if users don't have any access, it will increase the administrator's management load. Be it viewing trading history, managing funds, or the ability to update their personal information — traders will need access to these basic options.
Robust security settings
The security and safety of users and your platform are the first priority. As the crypto platforms store a large sum of capital and crypto assets, business owners can't leave anything on chance. To secure the platform and ensure robust protection, owners need to opt for multi-layer security. Along with essential protection, including HTTPS integration, KYC, and AML, crypto owners also need to focus on integrating advanced security features.
Our expert cryptocurrency exchange developers offer a wide range of additional security features that protect the complete ecosystem. Domain name system security extension (DNSSEC), X frame options, anti-DDoS modules, and secure wallet integration are some of the security features we offer with crypto exchange development.
Multi-layer login security
Most cyber-attacks take place by compromising the login module using SQL injection attacks and other trespassing tactics. It becomes inevitable to prevent your platform from any unauthorized login or sign-up attempts. The system should have the functionality to identify and avoid fraud login attempts.
For implementing additional security, you also need to add factor authentication (2FA) as it will eliminate the chance of entering the system by stealing or cracking passwords. You can secure your platform by making the 2FA mandatory for all users. Suggest your customers keep updating their passwords to eliminate any possible cyber threat.
With the immense popularity of cryptocurrencies among users, it's important that you have the support of multiple coins on your platform. Along with Bitcoin, Ethereum, LTC, XTC, there are several other cryptocurrencies that people use actively.
You need to do market research to find out which cryptocurrencies are popular among the users and add support for them on your platform. While developing the exchange, always focus on future scalability so that you can expand support of more coins in a faster turnaround.
API integration is a useful feature that you should have in your cryptocurrency exchange platform. It brings more flexibility and freedom to integrate different services and offer a better user experience. There are several useful features that are available open-source. When you have API integration on your platform, you can easily offer those services and attract more customers to your platform.
You can also provide real-time market updates to your customers using open-source third-party APIs. It's an excellent feature that will help you make your platform future-ready and flexible to adopt new advancements.
Get started with Seven Bits
If you plan to develop your cryptocurrency exchange, then we are here to get you going. Our Blockchain Center of Excellence (CoE) team understands your business requirements and suggests you performance-driven solutions that help in growing your business seamlessly.
Whether building from scratch or upgrading the older exchange, we have you covered with a robust technology stack and years of experience. Get in touch with us at [email protected] to explore more about cryptocurrency exchange development. Turn your idea into a transformation with Seven Bits.